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I find it somewhat laughable that anyone would think Kobo was locking people down.
1) they support epub which is what most vendors deal in
2) they allow you to download epub directly from their site
3) their devices are so open to user modification it's become (with thanks to other users here) as simple as editing a document in notepad++ or textedit and then dropping a file into the right directory on your Kobo.
4) They haven't changed their DRM in a long time
Compare that with Amazon, who clings to their own format, though supports epub I am not sure how well that support is actually implemented. Constantly works against users jailbreaking their devices. And continues to invest in new DRM schemes.
One of these companies wants to keep you in the walled garden. The other wants you to enjoy reading.
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